CHRISTIAN COMBES: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CHRISTIAN COMBES
Largest movements
- Cash +€3.5m
up €3.5m (+1,856%), from €187,582 to €3.7m
mainly Accrued charges and deferred income (+€2.1m) and Net result for the year (+€1.5m)
- Receivables within one year -€711,545
down €711,545 (-81.6%), from €871,638 to €160,093
of which Other amounts receivable: -€726,317
- Deferred charges and accrued income -€79,360
down €79,360 (-96.2%), from €82,469 to €3,109
- Accrued charges and deferred income +€2.1m
up €2.1m (+1,360%), from €153,590 to €2.2m
- Reserves +€1.5m
up €1.5m (+77.9%), from €1.9m to €3.4m
of which Tax-exempt reserves: +€830,218
- Short-term financial debts -€707,500
down €707,500 (-100%), from €707,500 to €0
- Other debts -€117,219
down €117,219 (-100%), from €117,219 to €0
- Gross operating margin +€1.5m
up €1.5m (+421%), from €367,505 to €1.9m
- Taxes +€428,840
up €428,840 (+366%), from €117,238 to €546,077
- Financial charges -€105,014
down €105,014 (-66.3%), from €158,401 to €53,387
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,126,061 | €5,851,041 | +€2.7m | +87.2% |
| Fixed assets | 21/28 | €336,807 | €330,187 | -€6,620 | -2.0% |
| Tangible fixed assets | 22/27 | €336,807 | €330,187 | -€6,620 | -2.0% |
| Land and buildings | 22 | €267,902 | €260,487 | -€7,414 | -2.8% |
| Furniture and vehicles | 24 | €63,299 | €64,729 | +€1,430 | +2.3% |
| Other tangible fixed assets | 26 | €5,606 | €4,971 | -€635 | -11.3% |
| Current assets | 29/58 | €2,789,254 | €5,520,854 | +€2.7m | +97.9% |
| Amounts receivable within one year | 40/41 | €871,638 | €160,093 | -€711,545 | -81.6% |
| Trade receivables | 40 | €10,170 | €24,942 | +€14,772 | +145% |
| Other amounts receivable | 41 | €861,468 | €135,151 | -€726,317 | -84.3% |
| Current investments | 50/53 | €1,647,565 | €1,689,306 | +€41,742 | +2.5% |
| Cash at bank and in hand | 54/58 | €187,582 | €3,668,346 | +€3.5m | +1,856% |
| Deferred charges and accrued income | 490/1 | €82,469 | €3,109 | -€79,360 | -96.2% |
| Total equity and liabilities | 10/49 | €3,126,061 | €5,851,041 | +€2.7m | +87.2% |
| Equity | 10/15 | €1,932,006 | €3,413,243 | +€1.5m | +76.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,902,006 | €3,383,243 | +€1.5m | +77.9% |
| Non-distributable reserves | 130/1 | €3,000 | €0 | -€3,000 | -100% |
| Reserves not available under the articles | 1311 | €3,000 | €0 | -€3,000 | -100% |
| Tax-exempt reserves | 132 | €516,749 | €1,346,967 | +€830,218 | +161% |
| Distributable reserves | 133 | €1,382,257 | €2,036,276 | +€654,019 | +47.3% |
| Amounts payable | 17/49 | €1,194,056 | €2,437,798 | +€1.2m | +104% |
| Amounts payable after more than one year | 17 | €125,737 | €95,366 | -€30,371 | -24.2% |
| Financial debts | 170/4 | €125,737 | €95,366 | -€30,371 | -24.2% |
| Amounts payable within one year | 42/48 | €914,728 | €99,814 | -€814,914 | -89.1% |
| Current portion of amounts payable after more than one year | 42 | €30,102 | €30,371 | +€269 | +0.9% |
| Financial debts | 43 | €707,500 | €0 | -€707,500 | -100% |
| Other loans | 439 | €707,500 | €0 | -€707,500 | -100% |
| Trade debts | 44 | €14,186 | €999 | -€13,187 | -93.0% |
| Suppliers | 440/4 | €14,186 | €999 | -€13,187 | -93.0% |
| Advances received on contracts in progress | 46 | €7,653 | €0 | -€7,653 | -100% |
| Taxes, remuneration and social security | 45 | €38,069 | €68,444 | +€30,376 | +79.8% |
| Taxes | 450/3 | €38,069 | €68,444 | +€30,376 | +79.8% |
| Other amounts payable | 47/48 | €117,219 | €0 | -€117,219 | -100% |
| Accrued charges and deferred income | 492/3 | €153,590 | €2,242,618 | +€2.1m | +1,360% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,025 | €13,569 | -€456 | -3.3% |
| Other operating charges | 640/8 | €6,474 | €2,761 | -€3,713 | -57.3% |
| Gross operating margin | 9900 | €367,505 | €1,914,224 | +€1.5m | +421% |
| Operating profit (loss) | 9901 | €347,006 | €1,897,894 | +€1.6m | +447% |
| Financial income | 75/76B | €176,707 | €182,808 | +€6,101 | +3.5% |
| Recurring financial income | 75 | €176,707 | €182,808 | +€6,101 | +3.5% |
| Financial charges | 65/66B | €158,401 | €53,387 | -€105,014 | -66.3% |
| Recurring financial charges | 65 | €158,401 | €53,387 | -€105,014 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | €365,312 | €2,027,314 | +€1.7m | +455% |
| Income taxes | 67/77 | €117,238 | €546,077 | +€428,840 | +366% |
| Profit (loss) for the period | 9904 | €248,074 | €1,481,237 | +€1.2m | +497% |
| Transfer from tax-exempt reserves | 789 | €79,762 | €154,093 | +€74,331 | +93.2% |
| Transfer to tax-exempt reserves | 689 | €152,389 | €984,311 | +€831,922 | +546% |
| Profit (loss) for the period to be appropriated | 9905 | €175,447 | €651,019 | +€475,572 | +271% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.